178 



COLOMBIA. 



15,000,000 for reservoirs for the feeding of the 

 upper portion of the canal, 50,000,000 for ma- 

 terial, and 210,000,000 for the covering of gen- 

 eral expenses and the interest on bonds and 

 shares. The French Chamber of Deputies 

 passed the Panama Canal Lottery Loan Bill 

 without Government guarantee early in May, 

 and the Senate in June. The bill provided for 

 the issue of 600,000,000 francs in bonds, the 

 numbers to be drawn after the manner of a lot- 

 tery twice a year, and the winners to receive 

 premiums of various amounts. It also provided 

 20 per cent., or 120,000,000 francs, to be set 

 aside in French rentes for the payment of prizes, 

 and to serve as a sinking-fund. On June 27, 

 360,000,000 francs, being half the amount au- 

 thorized, were offered for subscription with a 

 lottery scheme including three annual prizes of 

 500,000 francs each, and three of 250,000 francs; 

 furthermore six of 100,000 francs, there being 

 six drawings per annum, distributing altogether 

 3,390,000 francs yearly till the year 1913, begin- 

 ning with which 2,200,000 francs per annum 

 will be drawn for in four drawings and em- 

 bracing two prizes of 500,000 francs each, two 

 of 250,000 and four of 100,000, the minor lots 

 ranging between 1,000 and 10,000 francs. 

 Bonds were issued having a face value of 400 

 francs, payable by lots or at 400 francs within 

 99 years by a special deposit of French rentes, 

 and offered at 360 francs, bearing 15 francs per 

 annum interest. Out of the 2.000,000 bonds 

 offered, 860,000 were sold. At the first draw- 

 ing the large prizes were taken by bonds that 

 had not been sold, to the great disappointment 

 of subscribers, the company therefore decided 

 that at the October drawing all the prizes 

 should be given to the 860,000 bonds that had 

 been sold ; it was compelled to take this course 

 by the dissatisfaction of the bond-holders. 



At the time of making the contract with M. 

 Eiffel, the plan of eight locks was adopted. On 

 their departure from the Atlantic Ocean the 

 vessels would at first encounter two locks of 

 8 metres fall each, subsequently two of 11 me- 

 tres each, the length of the lock-chambers 

 being 180 metres. Hence the altitude over- 

 come would be 38 metres. The difference be- 

 tween the latter and the total height of the 

 mountain-range was to be overcome by exca- 

 vations. On the west side three locks of 11 

 metres fall were to be built and one of 8 me- 

 tres fall. The difference of 3 metres is neces- 

 sary on account of the lower level of the Pa- 

 cific Ocean at low tide. Subsequently, in May, 

 it was deemed advisable to modify the plan by 

 building ten locks instead of the eight alluded 

 to, lock 1 to be located at Bohio Soldado; 

 2, at San Pablo ; 3, at Matachin ; 4, at Obispo ; 

 5, at Emperador all on the Atlantic side; 6, 

 at Cucaracha ; 7 and 8, at Paraiso ; 9, at Pe- 

 dro Miguel ; and 10, at Miraflores all on the 

 Pacific side. There are to be three locks of 11 

 metres fall, and two locks of 8 metres fall on 

 each end of the canal that is, on the Atlantic 

 and Pacific sides of the center of the canal. 



The canal, through its entire length, is to have 

 the same depth as the eventual sea-level canal, 

 but through the adoption of the canal with 

 locks, the excavation yet to be done is limited 

 to from 34,000,000 to 40,000,000 cubic metres. 

 But the construction of the locks alone will 

 not suffice ; the main point is the feeding of 

 those works. For the latter purpose embank- 

 ments have to be made in connection with the 

 rivers Chagres, Obispo, and Rio Grande, the for- 

 mer of which alone is capable of furnishing per 

 second 10 cubic metres of water, which it is 

 estimated would suffice for the passage through 

 the locks of ten vessels, of a joint tonnage of 

 20,000, per diem. The total amount of exca- 

 vation actually accomplished in 1886 had been 

 11,727,000 cubic metres; during the first nine 

 months of 1887 it was 9,877,000. 



In August 250,000 hectares of land in Co- 

 lombia were transferred to the canal company 

 under the contract made by the company with 

 the Government. Nathan Appleton, who was 

 sent by the United States Government as a dele- 

 gate to the international congress held in Paris, 

 in 1879, to decide as to the route that should 

 be adopted, and has been connected with the 

 enterprise from its beginning, being asked his 

 opinion about the change of plan, said the adop- 

 tion of the lock system was the only thing that 

 remained to assure success. 



The Panama Canal Company, late in Novem- 

 ber, resolved to offer for public subscription 

 on December 10 the 1,140,000 unsold lottery 

 bonds; but the shares declined so rapidly that 

 it became evident the subscription would result 

 in failure. M. de Lesseps and his colleagues re- 

 signed, and at their request the Tribunal of the 

 Seine appointed Messrs. Hue, Bandelot, and De 

 Normandie to settle the company's affairs. On 

 December 6 the company's snares had dropped 

 to 175, and on December 17 they fell to 93'75 

 francs, recovering 12 francs next day. 



Ice Monoply at Panama. On March 1 the sole 

 right to manufacture, import, and sell ice in 

 the Department of Panama was sold at Bogo- 

 ta, at the Ministry of the Treasury, the buyers 

 to pay $45,000 a year in advance for the privi- 

 lege, in silver coin of - 835 fineness. The 

 exclusive privilege thus granted runs fifteen 

 years, but work must begin in ten months. At 

 the expiration of the concession the manufac- 

 tories will become Government property. 



Registration of Companies. The following law- 

 was signed by President Nunez on May 25 : 



ARTICLE I. All firms or companies formed outside 

 of Colombia, which carry on a permanent business 

 within its territory, shall register their deeds of part- 

 nership or charters in the notary's office of the dis- 

 trict where they intend doing business. 



ART. II. Such companies or firms will not be con- 

 sidered to have been legally established, nor will they 

 be able to claim the protection of the law, if they have 

 not previously been duly legalized by the Executive. 

 For this reason those companies or firms will be con- 

 sidered to have been dissolved which, up to the pres- 

 ent date, have not been legalized in the manner here- 

 in provided or do not obtain such legalization within 

 six months from date. 



